State-Contingent Government Debt: a New Database

State-contingent government debt has been proposed as a way to reduce costly debt crisis. However, markets for this type of debt remain very limited, for reasons that are not yet fully understood. This paper describes a new database covering state-contingent government debt issued between 1863 and 2020. Based on these data, this paper shows stylized facts regarding the main design features, and market performance, of state-contingent government debt. It also provides a brief history of state-contingent government borrowing, which is contextualized with a simple theoretical model of state-contingent debt. The results show that there have been several small, heterogeneous, issuances of state-contingent debt, which resemble pilot runs in this new asset class. The paper concludes with some common challenges associated to state-contingent government debt.

Object Details

• Location: Deutsche Nationalbibliothek Frankfurt am Main
• Extent: Online-Ressource
• Language: Englisch

References and Relationships

• Bibliographic citation: State-Contingent Government Debt: a New Database ; volume:55 ; number:1 ; year:2022 ; pages:35-66 ; Credit and capital markets ; 55, Heft 1 (2022), 35-66

Contributors, Places and Time

• Creator: Pina, Gonçalo

Further information

• DOI: 10.3790/ccm.55.1.35
• URN: urn:nbn:de:101:1-2022101115425856284385
• Rights: Open Access; Der Zugriff auf das Objekt ist unbeschränkt möglich.
• Last update: 15.08.2025, 7:24 AM CEST